2 3. The most important feature of any Commercial Treaty which we might conclude with China or Egypt would be the Establishment Articles, i.e., Articles covering rights to enter, reside and carry on business &c., in the territory in question. These rights are of much greater value to us than to the Chinese or to the Egyptians, few of whom are likely to want to reside here for business reasons in comparison with the number of British subjects who may Want to reside in China or Egypt. 4. Our pre-war treaties provided in the main for most-favoured-nation treatment in establishment matters.